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2022 (9) TMI 1094 - AT - Income TaxValidity of re-opening of assessment u/s 147 - Disallowance of loss in trading in shares and derivatives - whether the information received regarding client code modification could be a reason for reopening of assessment? - HELD THAT:- We hold that the reopening of assessment is bad in law. On merits also, we notice that the claim of the assessee is duly supported by various evidences and further the code modifications carried out by the stock broker should not affect the claim of the assessee unless it is proved that the assessee has colluded with the stock broker in carrying out the modification, which is not the case here. Accordingly, we are of the view that the AO could not have disallowed the loss claimed by the assessee. Accordingly, we quash the orders passed by the tax authorities. Appeal filed by the assessee is allowed.
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